BEDFORD, Mass.--(BUSINESS WIRE)--May 2, 2019--
Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic
and regenerative medicines company specializing in therapeutics based on
its proprietary hyaluronic
acid (“HA”) technology, today announced that its Board of Directors
has authorized the repurchase of up to $50 million of the Company’s
shares of common stock. Anika plans to purchase $30 million of shares
under an accelerated share repurchase (ASR) program and $20 million of
shares from time to time on the open market. This follows the previous
$30 million ASR program Anika announced in May 2018 and completed in
“We are pleased to continue returning cash to shareholders through share
repurchases, as we transform Anika into a global commercial company,”
said Joseph Darling, President and Chief Executive Officer of Anika
Therapeutics. “This additional share repurchase program underscores our
commitment to a balanced and disciplined approach to capital allocation
and reflects our confidence in the long-term outlook for the Company. We
also remain focused on balancing our efforts to return cash to
shareholders against growth opportunities available to Anika, including
organic growth opportunities and strategic acquisitions to drive
long-term shareholder value.”
The Company will enter into an accelerated stock repurchase agreement
with Morgan Stanley & Co. LLC pursuant to a Fixed Dollar Accelerated
Share Repurchase Transaction to purchase $30 million of shares of its
common stock. The number of shares to be repurchased will be based
generally on the volume-weighted average share price of Anika common
stock over a valuation period. Anika expects that the ASR program will
commence in mid-May and that it will be completed no later than the
second quarter of 2020. The timing and amount of any shares purchased on
the open market will be determined based on the Company's evaluation of
market conditions, share price and other factors. The Company plans to
utilize existing cash on hand to fund the share repurchase program.
About Anika Therapeutics, Inc.
Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic
and regenerative medicines company based in Bedford, Massachusetts.
Anika is committed to improving the lives of patients with degenerative
orthopedic diseases and traumatic conditions with clinically meaningful
therapies along the continuum of care, from palliative pain management
to regenerative tissue repair. The Company has over two decades of
global expertise developing, manufacturing, and commercializing more
than 20 products based on its proprietary hyaluronic
acid (HA) technology.
Anika's orthopedic medicine portfolio includes ORTHOVISC®,
which alleviate pain and restore joint function by replenishing depleted
HA, and HYALOFAST,
a solid HA-based scaffold to aid cartilage repair and regeneration. For
more information about Anika, please visit www.anikatherapeutics.com.
The statements made in the second sentence of the first paragraph,
the first and last sentences of the second paragraph, and the third and
last sentences of the third paragraph of this press release, which are
not statements of historical fact, are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include, but are not limited to, those relating to the
Company’s share repurchase program and future events pursuant to the ASR
Agreement, potential additional purchases on the open market and any
effects, results, or other matters related thereto, as well as the
Company’s strategic business focus. These statements are based upon the
current beliefs and expectations of the Company’s management and are
subject to significant risks, uncertainties, and other factors. These
statements can be affected by inaccurate assumptions and by known and
unknown risks and uncertainties that are difficult to predict or beyond
the Company's control, including, among others, the terms of the ASR
Agreement and factors affecting the final number and price of shares to
be purchased under the ASR Agreement, including the volume-weighted
average stock price of the Company's common stock and actions taken by
Morgan Stanley with respect to such arrangement, events and transactions
that could result in the termination of the ASR Agreement, the stock
price of the Company’s common stock, and decisions by the Company
regarding open market repurchases in light of the totality of
information available to the Company. Additional factors and risks are
described in the Company's periodic reports filed with the Securities
and Exchange Commission, and they are available on the SEC's website at www.sec.gov.
Forward-looking statements are made based on information available to
the Company on the date of this press release, and the Company assumes
no obligation to update the information contained in this press release.
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Source: Anika Therapeutics, Inc.
Anika Therapeutics, Inc.
Sylvia Cheung, 781-457-9000